MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	GENERAL IMPORT COMPANY (INDIA) PRIVATE LIMITED

Registered Office :	501-502, Amba Sadan, Linking Road, Khar (West), Mumbai – 400 052, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	23.12.2005

Com. Reg. No.:	11-158282

Capital Investment / Paid-up Capital :	Rs.11.000 millions

CIN No.: [Company Identification No.]	U51397MH2005PTC158282

TAN No.: [Tax Deduction & Collection Account No.]	MUMG11283G

Legal Form :	Private Limited Liability Company

Line of Business :	Importing and Trading of Food Chemicals, Colours, Flavours, Specialty Chemicals and Pharmaceuticals.

No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 269000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. There appears a huge dip in the profits earned during 2012. The external borrowings exceed the networth. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Non Fund Based Short Term Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Mayur
Designation :	Accounts Department
Contact No.:	91-22-64511825/ 47
Date :	02.02.2013

LOCATIONS

Registered Office :	501-502, Amba Sadan, Linking Road, Khar (West), Mumbai – 400 052, Maharashtra, India
Tel. No.:	91-22-64511825/ 47
Fax No.:	91-22-67250962
E-Mail :	info@generalimport.in accounts@generalimport.in talrejas@vsnl.com
Website :	http://www.generalimport.in

Warehouse :	Deshmukh Warehousing Private Limited Shree Datta Compound, Rehnal Village, Bhiwandi - 412 302, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Srichand Lalchand Talreja
Designation :	Director
Address :	402, Madhu Kunj, 1^st Road, Khar (West), Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	10.07.1937
Date of Appointment :	23.12.2005
DIN No.:	00140279

Name :	Mr. Ritesh Srichand Talreja
Designation :	Director
Address :	402, Madhu Kunj, 1^st Road, Khar (West), Mumbai – 400 052, Maharashtra, India
Date of Birth/Age :	01.08.1979
Date of Appointment :	23.12.2005
DIN No.:	00140321

KEY EXECUTIVES

Name :	Mr. Mayur
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Ritesh Srichand Talreja		40000
Srichand Lalchand Talreja		60000
L.D. Talreja (HUF)		1000
Arjun Wadhwa /Ritesh Talreja		2000
Manohar Mukhreja / Ritesh Talreja		2000
S.L. Talreja (HUF)		1000
Veena Talreja		1000
Kavita Talreja		2000
Priyanka Talreja		1000
Total		110000

As on 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Importing and Trading of Food Chemicals, Colours, Flavours, Specialty Chemicals and Pharmaceuticals.

GENERAL INFORMATION

No. of Employees :	Information declined by the Management

Bankers :	v Canara Bank, Khar (West) Branch, P.D. Hinduja Marg, Khar (West), Mumbai – 400 052, Maharashtra, India v ICICI Bank Limited v Union Bank of India

Facilities :	--


Banking Relations :	--

Auditors :
Name :	R.D. Trivedi and Associates Chartered Accountants
Address :	428 - Kalbadevi Road, 304, Abhay House P.C.S. Limited, Kalbadevi, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22061004/ 22058935
Income-tax PAN of auditor or auditor's firm :	AAAPT3540J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.100/- each	Rs.11.000 millions

Reconciliation of Shares Outstanding at the beginning and at the end of the year

Equity Shares	31.03.2012
Equity Shares	No. of Shares	Amount (Rs. in millions)
At the beginning of the year	125000	12.500
Addition during the year	0	0.000
Deductions during the year	0	0.000
Outstanding at the end of the year	125000	12.500

Details of shareholders holding more than 5% shares in the company

Name of the Shareholder	31.03.2012
Name of the Shareholder	Number of Shares	% of Holding
Srichand L. Talreja	60000	48.00
Ritesh S. Talreja	40000	32.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.000	11.000	11.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.272	56.223	51.542
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.272	67.223	62.542
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		120.000	142.000	141.000
TOTAL BORROWING		120.000	142.000	141.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		187.272	209.223	203.542

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.406	0.395	0.429
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.423	81.569	70.355
	Sundry Debtors	169.047	115.250	122.050
	Cash & Bank Balances	14.549	27.717	16.456
	Other Current Assets	0.000	0.095	0.000
	Loans, Advances and Deposits	12.580	10.069	26.465
Total Current Assets		295.599	234.700	235.326
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.474	22.216	29.098
	Other Current Liabilities	0.266	0.346	0.150
	Provisions	2.993	3.310	3.079
Total Current Liabilities		108.733	25.872	32.327
Net Current Assets		186.866	208.828	202.999

MISCELLANEOUS EXPENSES		0.000	0.000	0.114

TOTAL		187.272	209.223	203.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	522.294	506.331	563.720
		Other Income	6.520	7.129	14.588
		TOTAL	528.814	513.460	578.308

Less	EXPENSES
		Cost of Goods Sold	NA	452.354	507.801
		M-Vat Sales Tax (Local)		10.348	7.370
		Central Sales Tax		1.929	2.375
		Cartages		0.460	0.676
		Mukadami		0.446	0.683
		FLC Charges		1.112	1.551
		Insurance Charges		0.381	0.545
		Packing Materials		0.589	0.845
		Transport and Octroi Charges		1.171	0.986
		Salary Account		2.166	1.708
		Staff Welfare A/c		0.571	0.799
		Telephone Expenses		0.173	0.157
		General Expenses		0.839	1.119
		Audit Fees		0.025	0.025
		Professional Fees and Legal		1.273	0.287
		Custom Penalty		0.020	0.000
		Professional Tax		0.028	0.024
		Bank Charges		0.031	0.029
		Car Expenses		0.930	0.992
		Commission / Brokerage		3.806	4.606
		Conveyance		0.758	1.050
		Currency A/c P&L		0.257	0.000
		Discount A/c		0.248	0.300
		Electricity Charges		0.165	0.162
		Godown Rent A/c		0.677	0.636
		Rent (Lease)		0.720	0.720
		Interest		17.612	17.409
		Office Expansion/ Maintenance		0.382	0.558
		Office Rent A/c		0.720	0.720
		Postage Expenses		0.227	0.343
		Printing Stationery A/c		0.479	0.701
		Advertisement Expenses		0.051	0.053
		Mediclaim Expenses		0.058	0.039
		News Paper Expenses		0.047	0.074
		Traveling Expenses		0.529	0.470
		Directors’ Remuneration		4.800	4.800
		Service Tax		0.161	0.097
		Diwali Expenses		0.131	0.000
		Donation Account		0.032	0.000
		Preliminary Expenses W/off		0.019	0.019
		TOTAL	NA	506.725	560.729

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	6.735	17.579

Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.098	0.094

	PROFIT BEFORE TAX		NA	6.637	17.485

Less	TAX		NA	1.957	5.885

	PROFIT AFTER TAX		NA	4.680	11.600

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.222	51.542	39.942

	BALANCE CARRIED TO THE B/S		NA	56.222	51.542

	Earnings Per Share (Rs.)		NA	42.55	105.45

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.91	2.01

Net Profit Margin (PBT/Sales)	(%)	NA	1.31	3.10

Return on Total Assets (PBT/Total Assets}	(%)	NA	2.82	7.42

Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.28

Debt Equity Ratio (Total Debt/Networth)		1.78	2.11	2.25

Current Ratio (Current Asset/Current Liability)		2.72	9.07	7.28

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars

31.03.2012

(Rs. in millions)

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

Sundry Creditors

105.474

22.216

29.098

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Other Long Term Borrowings – Unsecured
- From Directors	120.000	142.000
Total	120.000	142.000

FIXED ASSETS:

v Air Conditioner

v Computer

v EPABX

v Micro Oven

v Office Furniture

v Refrigerator

v Telephone Instrument

v Television

v Electrical Weighing Scale

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.